Consolidated results of Groupe Crédit Foncier
The Group share of net income in 2018 was -€194m.
Crédit Foncier’s main consolidated financial indicators at December 31, 2018 were as follows:
- Loan production: €10.7bn
- Outstandings (end of year): €84.9bn
- Net banking income: €561m
- Group share of net income: -€194m
- Total assets: €110bn
- Consolidated equity (group share): €3.4bn
- Consolidated European capital adequacy ratio: 11.7%, of which Common Equity Tier One (CET1): 9.3%
|Net banking income (NBI)||561||555|
|Gross operating income||-218||82|
|Cost of risk||-60||-81|
|Gains or losses on other assets||-1||-21|
|Income before tax||100||54|
|GROUP SHARE OF NET INCOME||-194||33|
Net banking income excluding the impact of IFRS valuations amounted to €545m in 2018, compared with €582m in 2017.
Besides restructuring provisions related to the redeployment project (€334m), operating expenses dropped to €445m in 2018, a -5.9% decline from 2017. Excluding the impact of the Single Resolution Fund, the continued decrease in operating expenses since 2011 has now reached €205m, a 33% drop. This illustrates the major cost-cutting efforts carried out by Crédit Foncier in recent years.
Cost of risk improved to €60m versus €81m in 2017. This decline reflects improvements in the level of risk on individual loans that have entered the balance sheet since 2011, and a favourable cost of risk on Corporates.
Net income attributable to equity holders of the parent totalled -€194m. This negative figure was due to the provision for the restructuring of Crédit Foncier.